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Midway's bonus plan changes after being called out by court

5:40 PM on 03.31.2009 // Dale North
  @DaleNorth

Remember how we told you about the crap going down at Midway now that the money has run out? It seems that the people there were paying themselves millions in bonuses for selling off properties like Wheelman and Mortal Kombat. These bonuses were called "outrageous" by the government-appointed trustee overseeing the proceedings and the rest of the people they owe money to. And wouldn't you be pissed if the company that owed you money was paying themselves (the leftover executives still there) almost $4 million in bonuses while closing up shop?

After being spanked by trustee and creditor committee, Midway has changed their tune a bit on the bonuses. Here's a quick breakdown:

  • No cash bonus to execs for the sale of Wheelman as that was already done/filed
  • No more bonus for just selling Mortal Kombat. They have to sell it all now
  • Bonus amount dialed back to less than the original $3.755 million
  • Bonuses only paid to those still employed
  • CEO Matt Booty won't get paid a bonus now

So cashing out before they clock out for good won't be as easy anymore.

And it looks like the stuff will sell -- or at least that's how it sounds from what we've heard. If what Destructoid has learned is correct, Ubisoft has been hanging out around Midway Chicago's studios, looking to pick them up. As for the rest, it seems that Warner Bros. may scoop it all up. Apparently execs from both companies have been making trips to the Midway offices. 




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Dale North, Former Dtoid EIC
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I am Destructoid's Editor-In-Chief. I love corgis. I make music. more   |   staff directory

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